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Swiss Development and Co-operation Office recovers funds

Switzerland's Development and Co-operation Office financed reconstruction projects in parts of Eastern Europe

(Keystone Archive)

Switzerland's Development and Cooperation Office has recuperated Sfr345,000 blocked in a Bosnian bank since 1999. The returned sum is part of a Sfr1.5 million aid package still withheld by the BH-Banka.

The financial institution ceased the distribution of funds in February 1999, after going bankrupt. It was one of six banks through which the Swiss aid funds transited.

Switzerland's Development and Cooperation Office (SDC) said on Thursday the bank's move increased the chances of recovering the whole amount. The money was to finance reconstruction, humanitarian aid and technical cooperation with Eastern Europe.

After the bank collapsed, Switzerland established a coordination office in Sarajevo and commissioned an internationally renowned trust company to carry out an audit. The measures adopted enabled the Swiss authorities to recover the sum on Wednesday.

swissinfo with agencies


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